On Tuesday, cryptocurrency trading was a little rough as investors became concerned due to the recent rally in digital tokens.
Cryptocurrency trading was a bit mixed on Tuesday as investors started to get worried after the recent rally in digital tokens. Seven of the top 10 cryptocurrencies were trading at 9:30 hours IST as investors were busy booking profits. Solana guided the gainers adding 17 percent. The global crypto market cap was hanging by the $2.06 trillion mark with the margins decreasing in comparison to the other day. Whereas, the entire crypto market volume increased by 20 percent to $107 billion.
“The past 24 hours witnessed the crypto markets being sold-off. The largest crypto by market cap, Bitcoin, is struggling just above the $47,000 mark. If it falls below this major support, the markets will turn bearish for the short term,” said Edul Patel, CEO and co-founder of Mudrex. “Among the top altcoins, Solana is not showing any correlation with the rest of the market. SOL crossed the $115 mark, clocking a 550% return in just 1 month,” he added.
Nigeria is planning on working with Bitt Inc as a technical partner in its bid to launch its own cryptocurrency, the “eNaira”. Nigeria’s central bank has declared plans to launch its very own digital currency after this year. Bitcoin bears have been able to keep BTC under the $50,000 mark over the last week. The excess sale in the US dollar spot market towards the end of the last week increased BTC higher as the asset reached $49,500 and this stopped the asset from beating the psychological resistance level, which is currently at $50,000 said ZebPay Trade Desk.
“Some key macroeconomic developments this week are scheduled, namely the US private sector employment data, and non-farm payroll data, which might impact the sentiments of investors, hence traders will remain cautious,” it added.